Anyone not being picky - and STILL can't find anything?

[PessimisticOptimist]

We've been on the hunt for 18 months. In that time, we've expanded our search area and budget. We've offered on four houses - three times we were outbid by developers and one time they decided not to sell. But nothing has come on for us to view in the last couple of months.

I guess I'm looking for a support group on here to commiserate with me 😂

Everyone we talk to says:

• The market is crazy right now
• It will settle down
• More will become available eventually
• Just be patient

But I worry about getting priced out of the market if we wait too long. How long do we wait for the "right" house?

@DaisyNGO, requirements are a house with garden. No need to be near schools (I have no kids). That's it really. Unless I scrap that and look for a flat? Oh wait, I just sold one of those.

A shame to read your updates @areyouhavingagiraffe. Our offer from earlier in the week is sort of "on hold" until we sell ours... let's hope it's soon! So I would have thought with you being chain free that would stand you in good stead. I hope the right place comes along for you soon.

@DaisyNGO I have great faith that in Spring there will be loads of houses... well... springing on to RightMove and it'll pick up the pace again with some realistic prices.

@GoinSouth sending solidarity with the shittiness that is buying a house. Something has to shift, and I'm keeping everything crossed it's soon.

@Limegreentangerine welcome!

@Momniscient, I also thought it would put me in a good position. EA has now written to me to say offer rejected but if you want to increase it, please speak to us. I have ignored it. I could up my offer by another £50k but I don't think this is the right thing for me to do

giraffe there’s so little transparency I always think you can never be sure if you’re just bidding against yourself, ie the other buyer doesn’t exist. Well done for sticking to your guns.

I wish there was some kind of centralised portal where all bids are entered and everyone can see exactly where things stand. Although I’m sure EAs would find a way to game that system and enter fake bids to inflate prices. Did I ever mention I distrust them?

@Eastie77Returns like eBay! Without the "buy it now" option...

@areyouhavingagiraffe is it not worth it or..? I'm undecided between the "the house isn't worth that amount so I won't be pressured into it" and the very real "that's what this house will sell for, so it might as well be me if I like it". Somewhere nearer the second.

@Momniscient, I don't think it is worth more to be honest. And I worry that a valuation could come back saying as much. That is what is preventing me from upping the offer.
I am also wondering whether prices will drop a little. They are certainly not rising at the same amount.....but this talk about it all going mental again on Boxing Day is concerning. I am so so sick of looking RM, email alerts, calling EA within 20 mins of advert to make sure I get a viewing. The viewing has to be their preferred slot as it's the only one available as they have had sooooo much interest. It's a berluddy farce and it is starting go impact my mental health. I am wondering whether to focus on buying some shithole which is half my budget, and therefore I can offer double the guide price.

giraffe "but this talk about it all going mental again on Boxing Day is concerning."

oh dear, I didn't know about that.

We also looked at the bottom end of our budget because it almost felt like the price per square footage was justifiable - but the bidding wars just put the price up again.

Guys, am seriously broken.

Sorry to hear you didn't get this one @areyouhavingagiraffe, I hope something suitable and priced accordingly comes up for you soon.

Seen a house. Viewed and really liked it. Can afford the asking price BUT it's seriously overpriced for the region it is in. I don't mean £10k or £20k overpriced, but at least£50k (and that's a fair amount of an overall percentage).

Houses in that area don't come up that often. So there's not much to compare it to, but I've crunched numbers for all sales I've seen, other similar areas' sales for same house and bedroom size. If I was a cash buyer, I'd just pay it. But because we'd still need a mortgage, I just know it'll get downvalued anyway and then the money we'd spent up until then would be wasted...

Why are estate agents grabby, greedy deleted expletives????? Once they've planted a number (seemingly plucked out of thin air in this case!)into the vendor's head, it's going to bloody difficult to get them to forget that number, particularly with the press constantly stirring the pot, telling everyone it's a fabulous time to sell because there's so little supply....

I get it affects most vendors as well because it means they need maximum £ to offer on their own next place, but not everyone that's selling even lives in the house (BTL landlords selling up because of all the extra regulations, second homers, people who have inherited a property....). It's like they've sort of added to the shortage of available houses (by owning more than one)? I'm not saying they should be accepting less for the houses because of why they came to own them, but it's so bloody unfair.

I'm one of those that completed the sale of my property in the summer, being told I'm in a better position. It doesn't feel like it. (Stamps off to a darkened room).

@Siouxtse1, I'm same. Also completed in the Summer. Thought I was in a good position, but not so sure now....

I'm finally sold (took 4 weeks!!) but I've had the same problem as @Siouxtse1 in that the only house I like is at least £50k overvalue and I definitely won't get a mortgage on it. The agent knows it's overvalue and it has already been substantially reduced but the vendor won't budge now. Its empty, no chain and has had zero interest in 3 months other than me. I did submit an offer, £50k under with all of the reasoning and they naturally declined. I'm not going to move on the offer, it's just not worth anymore. So frustrating as I think it could be an amazing house with some TLC. I'm worried that I'll lose my buyer if there's nothing soon.

[quote areyouhavingagiraffe]@Siouxtse1, I'm same. Also completed in the Summer. Thought I was in a good position, but not so sure now....[/quote]
Just a thought, you said you are living with your parents who have a big house? Do they have a big garden? Any option to parcel out some land from it and build?

Or could you get planning on the outbuilding?

The same 10 houses that have been on for weeks are still for sale. There's a new one in my budget every week but it's either too small or wrong location or there's some other reason why it's a no (mostly wrong location). Or it's the old stuff coming back on the market, although not at higher prices any more, which is positive. I'm still resigned to not finding anywhere until next year but there is still stuff coming on, which gives me a smidgen of hope.

There's another thread going that's really thrown me in terms of how much London prices have dropped

If prices outside London don't calm down, a rethink might be in order.

More houses will definitely be on in the New Year because people resolve to 'finally commit to joining in and moving'. BUT if they need to sell to move on, they will still be asking a lot of money because they also need it to buy their next purchase.

It will depend on what the banks decide to do for most. If they are being super cautious, there will be many more down valuations, so people needing a mortgage to purchase won't be able to bid on the kite flying properties, or place high offers over asking, unless they are going only for properties well under their top budget. Eventually, this might filter to estate agents and unrealistic vendors, but that's going to be longer term. Supply in the main, will still be lower than required. Some people still have cash.

Maybe we'd all be better off doing absolutely whatever we can to economise and save more? BUT, it's been a hard two years for most, one way or another. Most people just want to splash the cash and have a bit of fun, more jam and carrots NOW!

Siouxtse "Maybe we'd all be better off doing absolutely whatever we can to economise and save more? "

There is no way we can economise into the amount needed, I suspect that's true for most people. We live frugally as it is.

I think as long as people are buying property instead of gold, in England, most of us can't match the market. There is a small super rich segment distorting the prices.

I think a lot of house buying is about luck and timing. So, regardless of whether the EAs acknowledge it, being chain free (everyone who has sold already and is renting/with family) is definitely an advantage because when you're ready, you're ready. You can offer when you want to because you don't have to wait for, or rely on, anyone else buying your place.

Does anyone have viewings lined up for this weekend? Where are my good vibes going?

Mom what happened to your offer, if you don't mind me asking?

nothing to see this weekend. The long trips were a hassle but I think worth it as there are now roads to which we can immediately say "no" after walking round the areas.

A near miss for a viewing when we found the car park for the block had....I don't know what to call it...what's the fencing with sort of metal rounded spikes on it? Thank goodness for streetview.

there is another we would see if not for the 4 hour round trip....EA is very tight lipped and there's hardly any photos. He said it just needs decorating. If we were looking round the corner, we'd look, but obviously not in these circumstances.

I'm not actually suggesting that anybody isn't trying to be frugal, just that there is so very little that we can do? Everybody wants to feel like they're moving forward and working towards a goal, don't they? I know we can't realistically save our way out of needing a mortgage, just every little stash of money helps?

Did the house prices actually come down in the areas people are looking in when the stamp duty holiday ended? Where I'm looking, they stopped rising quite so quickly, but then the supply totally dried up too. That combined with the usual winter lull anyway, means prices are still pretty shocking. I'm seeing more reductions, but mainly for people that actually need to sell, rather than those that would like to sell (and maybe can't because they can't find anything, like people on this thread?).

This system is broken. It's overly complicated and there is no commitment on either side until exchange/completion (I'm talking about buying in England here, realise there are slightly different rules in places like Scotland). So you can spend lots of money in an implied contract with people who have good intent, but because they are also doing the same, it takes just one person to break that and then it's back to the drawing board. Possibly for everyone in that chain.....And some of those people feel so badly burned they decide not to sell, then there's one less house to buy....Rinse and repeat.

There will be more houses in the New Year. There will also be more buyers. So I guess we have to make sure we are ready to go, paperwork and people in place, elbows sharpened and at the ready!

My own fault for falling for the stupid fallacy that house buying is in any way a wonderful experience! Maybe six months after you've moved in a settled it is, but not whilst you're looking and living through it?

We've been living frugally I suppose. We are renting after selling in the summer (and yes, I was fed the line that I was in a better position as I'm chain free - doesn't feel like it!) but our rent is the same as previous mortgage so I don't feel worse off. Bills are less expensive here as it's a tiny flat. We are paying storage fees on top though.

A few school run mums have told me they are preparing to put their houses up for sale in the New Year. Most are moving out of London but have been shocked to discover prices in their desired areas are not too dissimilar to London now.

Eastie family members advised us to sell and rent but I was really against it, DP less so. Now I think he is glad we didn't.

Re London and outside pricing - we should talk this through this weekend but I am not sure I can face it yet. But now we know what we are looking at is so much more than the apparent asking price (!), I am no longer sure I want to pay it.

I am really keen to get out of London but am I that keen that I want to spent that amount of money? I am not sure any more. I am even looking at cheaper parts of London now. The real issue for me is overcrowding and it might be our particular spot.

Random but pertinent point - this building is well managed. We had some crazy person buy in here as an investment. He proudly told the neighbours he would have a complete refurb done in 3 weeks - I can hear the work now- and the flat rented by Xmas. When someone said "how?" he said "my builders will live in and work overnight".

within 48 hours the mgmt co slapped him with a legal warning from the freeholder. Apparently he is furious. But it made me think about the devil we know etc. There is absolutely no way you can do noisy building work in here after 6pm. Them's the rules. He didn't read the lease.

sometimes in summer, I have walked past other blocks of flats with loud music etc and just thought "thank god we don't have that here". Of course it could go wrong...some flat owners think the mgmt co charge too much and want to change them...but I've always liked them.

it was me who bought this flat years and years ago, and I've always got on with them. They have good systems in place for maintenance etc.